(TargetDailyNews.com) – Trump attorney and legal spokeswoman Alina Habba suggested NY Judge Arthur Engoron’s grasp of basic finance was paltry and remedial in comments given to the press in New York outside Trump’s campaign finance trial regarding payments made to Stormy Daniels the week of April 22nd.
Engoron recently approved a deal where Trump would post a $175 million compromise bond supported in cash by Knight Specialty Insurance Company (KSIC). NY Attorney General Letitia James had attempted to have the company disqualified from posting the bond over concerns they were not licensed or regulated in New York state (the company is based in California) nor ever written a bond for a matter in New York.
The bond was a compromise offered by the New York Appellate court after Trump appealed the $454 million fine imposed by Engoron after he unilaterally declared Trump, his organization, and two of his sons guilty of unlawfully inflating the value of their properties to secure loans. The loans were repaid and the loan issuer testified on Trump’s behalf at trial.
Habba, in comments given to Fox News’ Sean Hannity, suggested that Engoron questioned the security of the bond, implying that market conditions could devalue it, even though it was in cash. Habba said that she had difficulty keeping a straight face. She added that the case should have been held in the commercial division instead of the civil division. She indicated that Engoron’s lack of familiarity with finance was evident.
Trump himself highlighted that KSIC was holding “$175 million of collateral, my collateral.” The company will be required to submit monthly financial statements to the court proving the funds are there. They aren’t able to be touched or invested and the account is effectively a lockbox.
KSIC will also have to find a lawyer licensed to practice in New York who can represent the company going forward and accept legal service on its behalf.
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